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South America


Ecuador Says Oil Services Companies To Invest $1B To Boost Output

In order to liven up Ecuador’s mature fields several international oil service companies will be investing around $1 billion.  Sinopec, Schlumberger, Tecpetrol, and Halliburton will be taking on the risk of the investment while Ecuador will only pay for the execution of production increases. by Alexandra Valencia and Alexandra Ulmer, Reuters, April 4, 2016 International oil service…

Oil Bust Takes Its Toll On Latin-American Oil Output

EIA’s weekly estimates show a decline in U.S. shale output, going hand in hand with other declines around the around specifically in Latin America.  Being slated as the world’s most vulnerable oil region, as the major oil producers are having declines in their productions. by Nick Cunningham, Oilprice.com, April 2, 2016 U.S. shale continues to…

Outages in Latin America to help relieve global oil supply glut

Unplanned outages happening around the world at ports and pipelines is helping curb a supply glut that has inundated surpluses of oil and gas. Although short-lived it may still help certain oil producing countries but once it runs it course it will negatively affect several major Latin American countries. by Marianna Parraga, Reuters, April 1,…

Uruguay: First offshore well in years breaks world record

The previous record for deepest offshore well by water depth at 3,150 meters has been surpassed by Total’s newest well at a depth of 3,400 meters.  The French oil company has started to drill off the coast of Uruguay, the first offshore well in forty years. If the well proves successful they expect their first oil…

Distillate Dominated 2015 US Prod Exports, Mexico Top Destination, EIA Says

The top three exports of U.S. petroleum products for 2015 were: distillate, gasoline and propane, in that order.  Distillate fuel was exported to 88 countries with Mexico being the top destination for both distillate and gasoline.  The U.S. continues to be a big exporter of petroleum products to Mexico, Central and South America. by OPIS,…

PDVSA to buy some 8 million barrels of U.S. or Nigerian light crude

According to Reuters, PDVSA is actively seeking to purchase about 8 million barrels of U.S. or Nigerian light crude.  Lately the Venezuelan state-run oil company has been purchasing larger and larger tenders of diluents in order to meet its own decline of diluent outputs. by Marianna Parraga, Reuters, via Petroleumworld.com, March 10, 2016 Venezuela’s state-run…

Colombia’s Ecopetrol reports $1.26 bln loss in 2015

As the price of oil continues to fluctuate, Colombia’s Ecopetrol reported a loss of $1.26 billion in 2015, citing plunging oil prices, in-country rebel attacks and new accounting requirements.  This amounts to a 170 percent decline from the company’s 2014 profits. by Julia Symmes Cobb, Reuters, March 6, 2016 Colombia’s state-controlled oil producer Ecopetrol on Sunday…

Nuclear Energy Will Give Bolivia a New Status, Asserts Minister

Although the use of nuclear energy has been much more scrutinized in the last decade, Bolivia’s Minister of Hydrocarbons and Energy announced the construction of a specialized center that will bring prominence to the South American country.  Bolivia and Russia will be working together to build the Center of Investigation and Development in Nuclear Technology…

Deepening default fears cast shadow over Venezuela’s oil flows

A major concern of oil market participants is the unheard of possibility of a major oil producing company defaulting on its debts.  PDVSA will be hard-pressed to meet its 5.2 billion payments in Fall of 2016, considering that the Venezuelan government exhausted their majority of cash reserves.  Experts are closely watching how a company’s default…

Venezuela Delays Gas Exports to Colombia – Here’s Why

Venezuela has suspended nat gas supply to Colombia due to El Niño. Climate has brought drought and water shortages to Colombia and PDVSA has been notified that electrical generation might vary. The 2007 agreement between both countries states that Venezuela will supply Colombia with 39 million cubic feet of gas per day, which represents 3%…

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